John Hancock: Changes to Product Offerings in New York
John Hancock has long maintained separate products and processes for the New York market where they operate as the John Hancock Life Insurance Company of New York and serve approximately 180,000 customers. This approach generally serves all stakeholders well, but the separate products and processes create a level of complexity and inefficiency. After a thorough review of their new business activities, John Hancock has made the difficult choice to reduce their product portfolio in New York and will no longer offer the following products for sale:
- Accumulation VUL
- Survivorship VUL
- Protection UL
- Protection Survivorship UL
- Protection Indexed UL
- Protection Survivorship Indexed UL
The last day to submit a case for one of the above products in New York is April 15, 2021 and policies must be issued no later than June 15, 2021. John Hancock will continue to offer their Accumulation IUL, Protection Term and Vitality Term products for sale in New York.
John Hancock will assess their position in the market periodically and keep you apprised of any updates or new opportunities.
Please give us a call at 1-800-792-6795 for assistance with any John Hancock applications or illustrations you may need.